Today the firm also cancelled its dividend after making arrangements to draw its revolving credit facility, resulting in available cash of £185m.

In a statement the developer said: “The Board has carefully considered this week’s rapidly evolving Government guidance in respect of COVID-19 and expects this to have a significant impact on visitor levels, production capability and trading performance over an unclear timeline.  

“Accordingly, the company has taken the difficult decision to cancel its final dividend of 21.8 pence per share, otherwise payable on 9 April 2020. 

“In addition, the company also announces that it is suspending all existing financial guidance until both the severity and duration of the COVID-19 impact becomes clearer.

“The board recognises that these are significant steps to take, but when faced with this unprecedented and unpredictable situation, considers it to be prudent to protect the company’s cash position and maintain a robust balance sheet.

“The executive leadership team has also moved quickly in identifying further measures that will increase cash generation, and reduce cash outflow, enabling the business to trade through this period of prolonged uncertainty.”

Yesterday retirement homes builder McCarthy & Stone cancelled its dividend and acted to build up cash reserves to create a £127m survival fund.

It warned the Government’s plan for self-isolation for those over 70 years of age for an initial period of three months would have material impact on trading which was difficult to quantify at this stage.